Here's the big picture of known physical gold holdings: ETFs, PM Funds, Mints etc The total topped 100 million ounces in late 2012 & over the sell-off in the gold price fell to a low just under 70 million ounces (30% decline)

The same as above but overlaid with the gold price

And a short term view showing the gold price (blue) vs physical gold holdings (black) As can be seen the physical gold holdings as a group have stopped the decline & are looking as though they are about to turn up.